Fed's Williams: U.S. economic future in services, not manufacturing

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"Right now the U.S. economy is doing OK," Williams said at El Camino High School in South San Francisco, citing the U.S. unemployment rate at 4.4 percent.

For future growth, he said, the economy will rely increasingly on services, not manufacturing. "There's this idea that somehow we got to get the jobs back to manufacturing," he said, adding that work in services like healthcare and education is where U.S. workers excel.